Production is efficient when
A) it generates a point beyond the production possibility curve.
B) the economy cannot produce more of one good without giving up the production of another good.
C) technological change occurs.
D) the maximum amounts of the most important good are produced.
Answer: B
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If we consider the equation PAE = A + bY the part of the equation that relates to autonomous sources of spending is:
A. b B. Y C. A D. PAE
The fundamental economic questions that every economic system must answer are:
A) what, how, and for whom. B) what, why, and for whom. C) when, why, and for whom. D) how, when, and how much.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
Which of the following is a demand factor in the market for health care?
A. The number of nurses graduating from universities B. Productivity in the health care industry C. Changes in medical technology D. Physicians' treatment decisions